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Note 4. CHANGES IN
<br />Net Property and Equipment
<br />Note 5. LONG -TERM OBLIGATIONS
<br />CITY OF RAMSEY,
<br />NOTES TO FINANCIAL
<br />December 31,
<br />FIXED ASSETS
<br />B. Enterprise Fund Fixed Assets
<br />Enterprise Fund fixed assets
<br />A Components of Long -Term Debt
<br />MINNESOTA
<br />STATEMENTS
<br />1992
<br />A. Changes in General Fixed Am_ is
<br />Changes in the General Fixed Assets Account Group were as follows:
<br />Balance
<br />1/1/92 Additions
<br />Land $ 354,353 $ - $
<br />Buildings and
<br />improvements 1,102,390
<br />Other improvements 611,799
<br />Office equipment 450,343
<br />Motor vehicles 947,873
<br />Machinery and
<br />equipment 443,442 33,562
<br />15,321
<br />11,493
<br />80,724
<br />Deletions
<br />3,473
<br />50,717
<br />Balance
<br />12/31/92
<br />$ 354,353
<br />1,117,711
<br />611,799
<br />458,363
<br />977,880
<br />4,445 472,559
<br />$ 3,910,200, $ 141,100 S
<br />$ 3,992,665
<br />Buildings and improvements $ 748,631
<br />Machinery and equipment 216,876
<br />Water and sewer lines 4,758,052
<br />Other improvements 20,130
<br />5,745,689
<br />Less accumulated depreciation 531,777
<br />at December 31, 1992, were as follows:
<br />Debt service expenditures for the long -term portion of compensated absences
<br />and the land mortgage payable are recorded in the General Fund. All other
<br />long -term debt obligations are supported by ad valorem property taxes, tax
<br />increments and special assessments and are accounted for in the Debt Service
<br />Funds.
<br />In 1992 the City issued General Obligation Bonds Series 1992B totaling
<br />$620,000. A portion of the proceeds of this bond issue was used to advance
<br />refund the remaining $420,000 unpaid balance of the General Obligation Bonds
<br />of 1984 Series II. In April 1992, these 1984 bonds were called and fully
<br />retired. This advance refunding was undertaken to reduce total debt service
<br />payments of $57,937 resulting in an economic gain (difference between the
<br />present value of the debt service payments of the refunded and refunding
<br />bonds) of $34,171.
<br />$ 5,211,912_
<br />
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